# USTB — Superstate > **Type:** Factsheet — Collateral Asset | **Squad:** Usual | **Status:** Draft | **Stream:** BD **Last updated:** 2026-02-16 *** ## Executive Summary USTB is a tokenized short-duration US government securities fund managed by Superstate. Fund shares are issued as on-chain tokens on Ethereum, Solana, and Plume, or held in book-entry form. The fund is structured as a series of the Superstate Asset Trust, a bankruptcy-remote Delaware Statutory Trust, offered exclusively to Qualified Purchasers under Reg D 506(c). Custody is provided by The Bank of New York Mellon. USTB employs a Continuous NAV per share (NAV/S) model that updates every second, 24/7. Purchases and redemptions are priced at the Continuous NAV/S at the time of the transaction, enabling near-instantaneous pricing. Within the Usual Protocol ecosystem, USTB serves as part of the collateral backing for USD0a (Alpha USD0) and the Superstate vault (via Lagoon). USTB is not a direct collateral asset for USD0. *** ## Key Facts | Parameter | Detail | | ----------------------- | -------------------------------------------------------------------------------------------------------- | | **Full name** | Superstate Short Duration U.S. Government Securities Fund | | **Token / Ticker** | USTB | | **Legal structure** | Series of Superstate Asset Trust (Delaware Statutory Trust, bankruptcy-remote) | | **Fund exemption** | Private fund exempt under Section 3(c)(7); offered under Reg D 506(c) | | **Eligibility** | Qualified Purchasers only; on-chain transfers restricted to allowlisted wallets | | **Base currency** | USD | | **Chains** | Ethereum, Solana, Plume; or book-entry | | **Valuation** | Continuous NAV/S (updates every second, 24/7) | | **Market day** | Each day both NYSE and FRB Philadelphia are open, from 9:00 AM ET to 8:59 AM ET the next day | | **Custody** | The Bank of New York Mellon | | **Usual Protocol role** | Part of USD0a collateral (\~10% USTB + USDC buffer); Superstate vault (via Lagoon). Not USD0 collateral. | *** ## Investment Mandate & Portfolio * **Universe:** Short-duration US government securities, including US Treasury Bills, US agency securities, and repos secured by government/agency collateral. * **Objective:** Capital preservation with yield from short-duration government instruments. * **Accrual model:** Interest accrues into NAV (no coupons distributed). NAV/S rises continuously. *** ## Subscriptions / Redemptions (Primary) ### Purchasing USTB | Parameter | Detail | | ------------------- | ----------------------------------------------- | | **Payment methods** | USD (wire), USDC (Ethereum), USDC (Solana) | | **Pricing** | Continuous NAV/S at the time funds are received | | **Minimum** | $100,000 initial (may be waived) | ### Redeeming USTB | Parameter | Detail | | ----------- | ------------------------------------------------------------------------ | | **Method** | Send tokens to redemption address or call `offchainRedeem()` on Ethereum | | **Payout** | USD (bank), USDC (Ethereum), USDC (Solana) | | **Pricing** | Continuous NAV/S at the time shares are received | | **Minimum** | No minimum | *** ## Fees | Fee type | Amount | | ----------------------------- | ----------------------------------------------------------------------------------------- | | Management fee | Up to 15 bps (accrues daily, reflected in NAV); only charged after fund reaches $200M NAV | | Fee schedule | <$25M: 0.15%; >$25M: 0.15% on first $25M + 0.05% above $25M | | Subscription / Redemption fee | None | *** ## Addresses & Oracles **Ethereum mainnet:** ``` USTB Token Proxy................. 0x43415eB6ff9DB7E26A15b704e7A3eDCe97d31C4e AllowlistV3 Proxy................ 0x02f1fa8b196d21c7b733eb2700b825611d8a38e5 RedemptionIdle Proxy............. 0x4c21b7577c8fe8b0b0669165ee7c8f67fa1454cf USTB Continuous Price Oracle..... 0xe4fa682f94610ccd170680cc3b045d77d9e528a8 Chainlink USTB Oracle............ 0x289B5036cd942e619E1Ee48670F98d214E745AAC ``` For Solana and Plume token addresses, refer to the official Superstate deployments page: *** ## Key Risks (Summary) * **Interest-rate risk:** Even with ultra-short duration, the value of T-Bill and agency holdings changes with rate movements. Losses are possible in rapid-tightening environments. * **Liquidity / operational risk:** Primary flows depend on banking rails, USDC processing, and on-chain operations. * **Eligibility / transfer risk:** Access limited to Qualified Purchasers. On-chain transfers restricted to allowlisted addresses. * **Counterparty risk:** Reliance on The Bank of New York Mellon for custody, NAV agent for pricing, Chainlink and the Continuous Price Oracle for on-chain valuation, and key management infrastructure. * **Continuous NAV model risk:** The second-by-second pricing model introduces dependency on the oracle infrastructure for real-time accuracy. *** ## Quick Links * USTB -- Overview: * Income, Fees & Yield: * Purchasing USTB: * Redeeming USTB: * Smart Contracts: * Security: *** ## Disclaimer This factsheet is informational and does not constitute investment advice or an offer/solicitation. USTB is available only to Qualified Purchasers who complete onboarding and meet all eligibility requirements. Always rely on the Offering Documents and the Investor Portal as the source of truth. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.usual.money/resources-and-ecosystem/fact-sheets/collateral-assets/ustb-superstate.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.